基于中国风险投资业情境,从风险投资机构、风险企业、投资轮次和区域特征4方面分析了风险投资机构本地偏好的影响因素。研究发现:风险投资机构声誉、发展阶段、风险投资机构间竞争、风险企业聚集等因素对风险投资机构本地偏好具有显著影响,当风险投资业处于不同发展地区或不同时期时,风险投资机构本地偏好影响因素也具有较大差异。
Considering the influence of geographic proximity to venture capital, based on Chinese venture capital industry, this paper uses 2000--2011 investment data provided by the CVSource and empirical tests the influencing factors of ven- ture capital firms local bias from venture capital, venture enterprise, investment and regional characters. The results show that reputation, stage, venture capital firms competition, enterprises aggregation has a significant impact on venture cap- ital firms local bias. In different regions, in different periods, there is a big difference in influence factors of venture capital firms local bias.